RBS H1 results show its private banking segment posted an operating profit of £156m for the first half of 2018, a surge of 90% compared to £82m in the previous year.
The business’ total income stood at £382m for the half year ended 30 June 2018, a 19% increase from £321m a year ago. Operating expenses at the private banking segment dipped 3% year-on-year to £225m.
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The private banking segment is part of the group’s Commercial & Private Banking unit, which posted a 44% increase in operating profit during the period.
Overall, the banking group posted attributable profit of £888m for the first half of 2018, down 5% from £939m in the previous year.
RBS H1 results
RBS CEO Ross McEwan said: “We are pleased with the progress we’ve made in the first half of 2018 and see these as a good set of results in a more uncertain and highly competitive environment.
“For the first half, the bank delivered a profit before tax of £1.8 billion and a bottom line profit of £888 million – these figures include a £1 billion charge related to the settlement in principle with the US Department of Justice (DoJ), which we announced in May.”
Meanwhile, the bank also announced plans to pay an interim dividend of 2 pence per share.
The decision, which is subject to completion of a $4.9bn settlement with the US Department of Justice (DOJ), will represent the bank’s first dividend since its bailout a decade ago.
The bank agreed to the settlement in May this year, for alleged sale of toxic mortgages in the run-up to the global financial meltdown.
